That’s a steeper hit than the 15% to 20% range applied on several regional peers.India’s stock benchmark has lagged most major global peers this year amid concerns over a slowdown in its economy and corporate earnings.

Sensex and Nifty 50 recovered intraday losses to trade flat, lifted by gains in FMCG and private banking stocks. Bank Nifty outperformed the frontline indices.

Gift Nifty trades at 24,712, down nearly 150 points, a discount of nearly 140 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market.